Dear Reader,

In a multipolar world increasingly defined by geopolitical fragmentation and neorealism, the need for independent, rigorous thought leadership has never been greater. We are proud that the lill Institute has risen to meet this moment. 2025 marked our first full operational year – and what a year it has been. From the outset, our mission has been clear: to equip public institutions with the strategies and frameworks they need to create genuine public value. In 2025, we put this vision into practice. At its core lies a conviction that public financial institutions and instruments exist not to serve narrow state or commercial interests, but to generate genuine public value – the outcomes that public institutions create for society from economic resilience to sustainable development. In particular, we explored how these institutions must evolve from traditional risk mitigators and lenders of last resort to true catalysts of a global transition.

We are deeply grateful for the partnerships that made our work possible. These partnerships reflect our core belief: the most pressing challenges of our time demand collaboration across institutions, sectors, and borders. No single organisation can drive the transition alone. But together – through shared research agendas, honest dialogue, and a commitment to practical solutions – we can accelerate progress. As we reflect on our first full year, we are filled with gratitude – for our world-class research colleagues, our distinguished advisory board, and the many partners and collaborators who believe in our mission. Together, we are designing policy and creating impact. We look forward to continuing this journey with you.

Prof Dr Andreas Klasen and Prof Dr Henning Meyer